IRESS has taken a minority equity position in Lucsan, an Australian regtech and data analytics company.
Lucsan aims to “reduce the ongoing cost of compliance” faced by financial services firms through the implementation of technology, IRESS explained in a release.
IRESS chief executive Andrew Walsh said Lucsan was an “ideal” company for the business to invest in given its “strategic regtech and data analytics focus”.
“Financial services is subject to increasing supervision and compliance obligations, including in IRESS’ key areas such as trading, financial advice, superannuation, and lending,” he said.
“To meet these obligations effectively and efficiently, sophisticated and integrated software is required to control and limit events proactively; it’s important to combine large, different and complex data sets that help to monitor activity and meet reporting needs.”
According to the statement, IRESS’ minority position will enable Lucsan to expand its business both locally and globally, with Lucsan group executive chair Harold Lucero saying it was an “important development” for the regtech industry.
“As levels of regulation rise and global focus on data and reporting increases, the ability to harness the technology offerings of this partnership will elevate the abilities of enterprises to transform their ongoing regulatory compliance practices,” he said.